Services sector of U.S. economy expands at slowest pace since early 2021
The numbers: A closely-watched barometer of business conditions at service-oriented companies such as banks, retailers and hospitals fell 1.2 percentage points to 55.9 in May, the Institute for Supply Management said Friday. This is the lowest reading since February 2021.Numbers over 50% are viewed as positive for the economy and anything over 55% is considered exceptional.
Key details: The decline was led by a decline in business activity and slowing supplier deliveries. Business activity slumped 4.6 percentage points to 54.5% . Big picture: The service sector is showing signs of softening as the Federal Reserve begins to raise interest rates. Market reaction: Stocks DJIA, -0.82% SPX, -1.42% were lower at the open. The yield on the 10-year Treasury note TMUBMUSD10Y, 2.961%
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